You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

December 6, 2016

PLC Corporate Real Estate Global Guide 2016/17 – Vietnam Chapter

Subscribe to Updates
Practical Law Company

Practical Law has published the 2016/17 edition of its Corporate Real Estate Global Guide, a high-level overview of commercial real estate laws and regulations in 23 jurisdictions worldwide. The Vietnam chapter of the guide was written by Vinh Quoc Nguyen, a senior attorney-at-law in Tilleke & Gibbins’ corporate and commercial group in Ho Chi Minh City. The Vietnam chapter covers the following main topics:

  • The Corporate Real Estate Market: Trends and most significant deals over the last 12 months.
  • Real Estate Investment: Structures typically used for investment, main sources of finance, types of investors, and restrictions on foreign ownership or occupation.
  • Title to Real Estate: Determining title to real estate, electronic access and conveyancing, main information in public register, disclosure of confidential information, state guarantees to title, government liability for errors in title registration, insurance, and tenure.
  • Sale of Real Estate: Preliminary agreements, corporate real estate sale contract, main real estate provisions in share purchase agreements, due diligence, sellers’ warranties, liability, environmental compliance, and completion arrangements.
  • Real Estate Tax: Stamp duty/transfer tax, mitigating tax liability on acquisitions of large real estate portfolios, value added tax, and municipal taxes.
  • Climate Change Issues: Targets and incentives for reducing greenhouse gases and energy efficiency requirements.
  • Real Estate Finance: Secured lending and real estate financing techniques, environmental liability, and remedies for default.
  • Real Estate Leases: Negotiation of contractual lease provisions, executing a lease, rent payments, length of term and security of occupation, disposal, repair and insurance, and landlord’s remedies and termination.
  • Planning and Development Controls: Compulsory purchase of business premises by local or state authorities, relevant authorities, and planning consent.
  • Reform: Proposals to amend real estate law.

The Corporate Real Estate Global Guide  is published by Practical Law Company, which is owned by Thomson Reuters.

Download Full Article
Related Professionals

Practices

Real Estate

Location

RELATED INSIGHTS​ 

February 22, 2023
The Contract Committee of Thailand’s Consumer Protection Board has issued a new notification relating to home renovation business operations. The Notification of the Contract Committee Re: Services for Providing Renovations of Buildings for Residential Purpose as a Controlled Business in Relation to Details Regarding Payment Receipts B.E. 2566 (2023) (the “Notification”) was published in the Government Gazette on February 13, 2023, and will come into effect after 90 days (i.e., on May 14, 2023). Once the new Notification is effective, a contractor who provides residential building renovation services will be required to provide a receipt for the payment received from the customer which contains specific details, terms, and conditions as required under the Notification. Key Definitions Under the Notification, a “service for providing renovations of buildings for residential purposes” is defined as a business in which a business operator is engaged by a customer to make additions, modifications, alterations, repairs, or improvements to a building (including any house or any structure) which can be used for residential purposes, either in whole or in part. “Residential purposes” means for residing in the building (in whole, or in any part), whereby the building will not be sold, leased out, hire-purchased, or subject to other arrangements relating to the building with compensation or other benefits involved. Key Required Content The Notification requires that the payment receipt be provided by the business operator to the customer immediately upon receiving payment in whole or in part. The receipt must be clearly legible in Thai language, with a minimum font size, and include the following material terms and conditions: Details about the business operator, customer, and service, including contact information, milestones and payments, the daily penalty rate, and other related information. If the business operator is unable to complete the work within the agreed period,
Read More
January 4, 2023
Thailand has announced a reduction of the government fees for registering sale and mortgage of certain types of immovable property or condominium units in 2023. The reductions were detailed in two notifications issued by the Ministry of Interior dated December 26, 2022, and published in the Government Gazette on January 3, 2023. These two notifications, which will remain in effect through December 31, 2023, are part of the government’s efforts to strengthen the real estate business sector and encourage property ownership. They set government fees for registration of sale and mortgage of immovable property or condominium units as follows: Sale of immovable property or condominium unit: 1% of the officially assessed value (reduced from 2%) Mortgage of immovable property or condominium unit: 0.01% of the mortgage amount (reduced from 1%) The above reduced rates apply only to the sale and mortgage to Thai individuals of detached houses, semidetached houses, row houses, commercial buildings, and the land surrounding these buildings, as well as of condominium units. The property sale price, officially assessed value, and mortgage amount each must not exceed THB 3 million (approximately USD 90,000). To qualify for the reduced mortgage registration rate, the sale and mortgage must be registered at the same time. For more details on the reduced fees, or on any aspect of property law in Thailand, please contact Chaiwat Keratisuthisathorn at [email protected].
Read More
December 29, 2022
On December 20, 2022, Thailand’s cabinet approved draft legislation providing further Land and Building Tax reductions of 15% in 2023, on top of current reductions in tax rates, on some types of taxable property. When enacted, the legislation will provide further tax reductions only for the property types in the table below. Moreover, in early December, Thailand’s Ministry of Interior promulgated an announcement extending the deadline for tax assessment notification and tax payment (including by scheduled installments) by another two months from the previous statutory deadline of December 20, 2022. The key deadline extensions are shown in the table below. The Land and Building Tax is a property tax collected annually, with rates varying based on the purpose of use—agricultural, commercial, industrial, or residential. Owners or possessors of land or buildings are liable for Land and Building Tax, which is computed based on the officially appraised value of the property. For more information on Thailand’s Land and Building Tax, please contact Auaychai Sukawong at [email protected] or Chaiwat Keratisuthisathorn at [email protected].
Read More
December 8, 2022
Experts on Vietnamese real estate law from Tilleke & Gibbins provided the chapter on Vietnam for Practical Law’s Commercial Real Estate Global Guide 2022, a high-level comparative overview of commercial real estate laws and regulations in 31 jurisdictions worldwide. The main topics include the following, among others: Real estate investment structures, including REITs Sale of real estate Liability Due diligence Warranties Real estate tax, including VAT and stamp duty/transfer tax; Climate change targets Restrictions on foreign ownership Real estate finance Commercial leases Planning law The chapter also highlights recent trends in the condominium, office, and retail sectors of the Vietnam real estate market. To read the Vietnam chapter, please visit the Practical Law website or click on the link below.
Read More